Bitcoin price failed to break the $61,500 resistance zone. BTC is now retesting the $58,000 support and may try to rise again.
- Bitcoin began a new decline from the $61,500 resistance zone.
- The price is trading below $60,000 and the 100-hour simple moving average.
- The hourly chart of the BTC/USD pair (data feed from Kraken) shows a break below a key bullish trend line with support at $59,250.
- The pair may try to rise again if it remains above the $58,000 level.
Bitcoin Price Holds Support
Bitcoin price failed to consolidate above the $61,500 resistance zone. BTC formed a short-term top and began a new decline below the $60,500 level. There was movement below the $60,000 and $59,000 levels.
In addition, the hourly chart of the BTC/USD pair has broken below the key bullish trend line with support at $59,250. The pair has retested the $58,000 support zone. The low is formed at $58,061, and the price is now consolidating losses.
Bitcoin price is currently trading below $60,000 and the 100-hour simple moving average. On the downside, the price may face resistance near the $58,800 level. It is close to the 23.6% Fibonacci retracement level of the downward move from the swing high of $61,438 to the low of $58,061.
The first key resistance is around $59,500 or the 50% Fibonacci retracement level of the downtrend from the $61,438 swing high to $58,061 low. A clear move above the $59,500 resistance could send the price even higher in the coming sessions. The next key resistance could be $60,000.
The next major hurdle is at $61,500. A close above the $61,500 resistance could trigger more gains. In that case, the price could rally and test the $63,500 resistance.
New BTC losses?
If Bitcoin fails to rise above the $58,800 resistance zone, it may continue to move lower. Immediate support on the downside is near the $58,000 level.
The first major support is $57,650. The next support is now around the $56,500 zone. Any further losses could send the price towards the $55,500 support zone or even $55,000 in the near future.
Technical indicators:
Hourly MACD – MACD is currently gaining momentum in bearish territory.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently below the 50 level.
The main support levels are $58,000, then $57,650.
The main resistance levels are $58,800 and $59,500.
